RECIPROCAL TARIFFS
Trump's midterm election setback may fast-track India-US trade deal within two months says founder, GTRI
Ajay Srivastava, Founder of the Global Trade Research Initiative (GTRI) said the election results could push Trump to focus more on trade negotiations and expedite the proposed agreement with India.
Democrats' US midterm sweep may give India more room to negotiate a balanced trade deal with Trump
Democrats' takeover of both chambers of the US Congress could ease pressure on India in trade negotiations with the Trump administration, experts said. Greater Congressional scrutiny of tariffs may create opportunities for Indian exporters, although the existing 18% tariff is unlikely to change immediately and the bilateral trade agreement could face delays.
Crazy economics gets a stop button
After the US midterm elections, stock futures show a positive reaction despite ongoing economic uncertainties. Trump's legislative agenda faces gridlock, impacting his trade and immigration policies significantly. The focus will shift to regulating AI, potentially stalling infrastructure growth in the US economy. India's position in trade negotiations may improve due to Trump's need for success overseas.
US midterm election results 2026: India sees some trade relief, new risks after US midterm vote
Indian officials are cautiously optimistic about the recent US midterm election results and their implications. While the election reduces trade tension, it introduces new uncertainties for US-India relations. Analysts suggest it is too early to gauge the long-term effects of these political changes. The potential for increased tariffs still looms due to ongoing investigations.
Trump's midterm setback may put India under pressure for quick trade deal on US terms: GTRI
Amid electoral challenges, US President Donald Trump is likely to ramp up pressure on India to seal a trade deal. This potential agreement would require India to decrease import tariffs on US goods while the US keeps its tariffs intact. Analysts caution that such an arrangement may breach WTO MFN principles, undermining India's trade credibility. Additionally, compromising energy security and development aspirations could have serious implications.
China trade accord with Swiss bucks wider trend towards protectionism
Chinese President Xi Jinping and Swiss President Guy Parmelin are set to sign a significant trade deal. The accord offers Switzerland extensive market access to China, enhancing the trade relationship between the two nations. This agreement notably contrasts with increasing trade barriers established by the United States and the European Union. Swiss officials believe this deal will provide stability in a volatile global trade environment.
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India and US fine-tune trade pact after concluding most talks, says Piyush Goyal
India and the United States have nearly finalized discussions regarding a proposed bilateral trade agreement. Commerce Minister Piyush Goyal mentioned that fine-tuning of the agreement is currently underway. This follows remarks from US Secretary of State Marco Rubio about a few remaining details. Initially, the US removed a penalty on Indian goods related to Russian oil purchases.
Is India a “shadow transshipment” hub? The data says otherwise
Between 2014 and 2024, India’s goods exports to the US grew 1.86 times, while US exports to India grew 1.94 times. A rising two-way relationship, with India’s global exports also up 1.36-fold, is hard to square with a “mere pass-through” story tailored to one market.
US courting Reliance's refining muscle to keep oil flowing, not curb Russian crude, analyst says
Marco Rubio's recent visit to Jamnagar emphasizes strengthening energy ties between the US and Reliance Industries. With a capacity of 1.4 million barrels per day, Jamnagar plays a crucial role in global diesel exports. The US seeks to stabilize energy flows while urging India to diversify away from Russian oil. Reliance is also positioned to process Venezuelan crude, enhancing Washington's interests in the region.
Berlin Global Dialogue: EU inviting disaster through carbon tax, says Piyush Goyal
Piyush Goyal expressed concerns over the EU's carbon tax and numerous regulations impacting their steel industry. He warned that these measures could lead to increased costs and decreased competitiveness for EU businesses. Goyal highlighted that the high import duties and standards could harm the economy and raise the cost of living. He mentioned the reciprocal nature of trade regulations in response to the EU's actions.
'Ease non-tariff curbs to ensure alcohol enters the market freely'
"The spirit of the free trade agreement is twofold-tariffs and regulations that ensure businesses operate a bit more freely," Ian Duddy, the association's international director, told ET in an interview. "Even with tariffs reduced, the products still get sampled and tested," he said, but added: "Obviously, alcohol and all food products need to be regulated. We're not arguing against that."
India-New Zealand FTA comes into effect today
The FTA will provide Indian exporters with 100% duty-free access to the New Zealand market, opening opportunities for MSMEs, women entrepreneurs, farmers and artisans. This is expected to facilitate $20 billion in investments into India in 15 years that would create opportunities across manufacturing, infrastructure, agriculture, and innovation.
What is holding up the US-India trade deal?
US Secretary of State Marco Rubio will visit India next week to strengthen bilateral relations and discuss trade issues. His meetings will take place in Mumbai and Jamnagar, focusing on investment and energy. The two countries have faced considerable delays in finalizing a trade agreement due to several ongoing challenges.
PM Modi's free trade push could lead to $140 billion GDP gain for India
A more protectionist US could unexpectedly benefit India as New Delhi expands its free-trade agreements (FTAs) to diversify export markets and attract investment. A World Trade Organization-based model estimates that India’s concluded and proposed trade deals, including agreements with the EU and New Zealand, could add about $140 billion to GDP by 2035, lifting it 1.7% above the baseline.
US trade deal to be finalised as 'circumstances have changed': Piyush Goyal
India is reassessing its interim trade agreement framework with the US in light of recent global shifts. Commerce minister Piyush Goyal indicated that negotiations are active with nations like Mexico, the UK, and Canada. Additionally, alternative trade discussions are being held with several countries. The export statistics up to September reflect strong performance, indicating optimistic prospects ahead.
Trump sticks with tariffs even as US voters turn against them before the midterms
US President Donald Trump's tariff policies are facing growing economic and political challenges ahead of the November 3 midterm elections, with a majority of Americans reportedly opposing his latest import duties. While the White House argues that tariffs will boost domestic manufacturing, trade experts warn that higher costs are being passed on to US businesses and consumers. The policy has also fuelled trade disputes with major partners, including the European Union, India, Canada and Mexico.
MP & former FS Shringla highlights significance of Russian oil supplies in interests of India’s 1.4 billion people & keeping global energy prices under control
Harsh Vardhan Shringla has defended India’s Russian oil imports, warning that stopping purchases could push up global energy prices and undermine the country’s energy security. The Rajya Sabha MP also flagged uncertainty over US tariffs, Section 301 investigations and potential duties linked to Russian oil sanctions, as India-US trade talks face an impasse. He also outlined conditions for India-China ties.
Sitharaman sees a ‘plateau’, but India-US trade deal may not be at a dead end yet: GTRI
As India and the US engage in talks for a bilateral trade deal, uncertainties loom over tariff treatments. Finance Minister Nirmala Sitharaman mentioned that the scope for concessions is limited, indicating a plateau. Ajay Srivastava from GTRI cautioned against making unilateral concessions, stressing that additional tariffs might complicate trade relations. An effectively designed interim agreement is crucial for ensuring substantial benefits for India.
India-US trade talks hit a plateau, with little room left to give or take, says Finance Minister Nirmala Sitharaman
India and the US are currently negotiating a trade agreement aimed at expanding market access and addressing trade balance concerns. Finance Minister Nirmala Sitharaman mentioned that both sides appear to have reached a plateau in negotiations. She indicated that further concessions may be challenging following rigorous discussions. Despite this, she believes there could be opportunities for additional negotiations. The US is particularly focused on reducing its trade deficit with India.
“God Made Trump, the Country He Loves”: 13 taxpayer-funded ads and $20 million campaign revealed as Trump’s unusual ad blitz expands
The Trump administration is actively utilizing 13 taxpayer-funded, campaign-style ads to promote its policies. These advertisements showcase military accomplishments and various initiatives from the administration, with officials arguing they serve as public service announcements. The titles of the ads include God made Trump, The Country He Loves. However, lawmakers from both parties express concerns over the legality of this advertising approach, igniting discussions about potential misuse of government funds.
PM Modi and Trump hold first telephonic talks since Russia sanctions law; discuss trade, defence
Prime Minister Narendra Modi and US President Donald Trump have agreed to maintain close engagement to advance the India-US Comprehensive Global Strategic Partnership, Modi said on X. The leaders reviewed cooperation in trade, defence, energy and critical technologies, while also discussing regional and international issues and efforts to advance global peace and security.
China, US slash tariffs on USD 30 billion on imports: Chinese Commerce Ministry
In a significant development, China and the United States have finalized ten key outcomes during their recent economic and trade discussions. Among these, both nations agreed to implement reciprocal tariff reductions valued at USD 30 billion on each other's imports.
US and China release reciprocal $30 billion product lists for tariff cuts after Trump-Xi meeting
The United States and China have released lists of products for tariff reductions to boost bilateral trade. The agreement includes around 1,619 U.S. goods and 77 categories of Chinese products. These changes may enhance market access for U.S. businesses and lower consumer prices in the U.S. Economic experts suggest the impact may be limited given the overall trade volumes. Analysts predict continued recovery in U.S.
China is building a new rulebook for dealing with the US — tariffs are only the beginning of a much broader reset
China and the United States have established a reciprocal framework for tariff reductions on approximately $30 billion of goods from each side. They created two new boards to facilitate trading and investment discussions as a means of ongoing economic cooperation. Additionally, a dedicated dialogue on artificial intelligence (AI) issues has been initiated between the two nations. The Kuala Lumpur trade arrangement has also been extended for further negotiations.
US-China tariff cuts: $30 billion trade relief plan unveiled; check full list of goods
The US and China have announced plans to reduce tariffs on about $30 billion of imports from each other. This tariff relief follows a meeting between Donald Trump and Xi Jinping aimed at stabilizing trade relations. The agreement is part of efforts to extend the existing trade truce until January while resolving ongoing disputes. Tariff reductions will cover a wide variety of non-sensitive goods to benefit both economies.
China says US trade truce extension creates space to advance talks
China has confirmed a two-month extension of the trade truce with the US following a recent summit. This extension aims to provide a stable policy environment for ongoing discussions and cooperation. Both countries can now assess the previous implementation of their economic arrangement established in October. The extension is expected to give room for advancing trade-related issues effectively. Active discussions are likely to continue, focusing on resolving economic matters.
China, US agree to $30 billion tariff cut, AI dialogue during Xi visit
Recently, China and the US have come together to hammer out a deal where both countries will cut tariffs by $30 billion. This agreement, part of an eight-point plan, also opens the door to discussions about artificial intelligence. This move is seen as a positive step toward improving trade relations between the two economic powerhouses.
US, India should intensify efforts to conclude "historic" trade deal, lower tariffs: USIBC President Atul Keshap
The US-India Business Council has urged both governments to finalize a trade agreement that reduces tariffs. Ambassador Atul Keshap emphasized that such an agreement would facilitate reciprocal trade and benefit businesses in both nations. Commerce and Industry Minister Piyush Goyal stated the trade pact is nearly finalized pending competitive advantages in the American market.
China, US reach consensus on multiple economic and trade issues: Chinese Commerce Ministry
China and the US reached consensus on multiple economic and trade issues during their eighth round of consultations in New York, including reciprocal tariff reductions, trade and investment councils, and extending arrangements from their Kuala Lumpur talks. The two sides also held their first dialogue on artificial intelligence, China said.
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